web3isgoing

7 ms·

1.
by web3isgoing 4y ago
Open source, public and permissionless infrastructure for the web. Very different than Venmo which is owned by PayPal and limited to USA, and not programmable, no interop. about the OP’s thread: centralized services like PayPal, Venmo and S
2.
by web3isgoing 4y ago
Venmo[1] does not have reversibility. Cash does not have reversibility. If users really wanted credit card functionality at the expense of its costs, you could build that as a layer on top, without forcing everybody in the system to use it.
3.
by web3isgoing 4y ago
Yes, if the application and its users demand it. Reversibility is possible in peer-to-peer and decentralized payment systems. But not every app needs reversibility and the centralized intermediaries that come with that.
4.
by web3isgoing 4y ago
ZK rollup with validity proofs and trustless escape hatches should really be the dominant mode of bridging and storing assets in the future.[1] To the OP: sorry to hear what you are going through. [1] See https://vitalik.ca/
5.
by web3isgoing 4y ago
For some users and use cases, they are.
6.
by web3isgoing 4y ago
Your analogy makes no sense. There are many users who just want to hold crypto and perform basic lending and exchanges, and would be willing to spend fractionally more in gas fees to achieve this with higher security guarantees. Everybody a
7.
by web3isgoing 4y ago
DeFi never claims to provide the exact same fiat and off-chain services as CeFi and CEX. It has specific goals, like replacing custody with non-custody, or replacing a centralized exchange with an automated market maker that no single party
8.
by web3isgoing 4y ago
The goals of DeFi and web3 is to create structures that do not rely on centralized service providers, and are able to resist control of single bad actors and provide certain clear and transparent security guarantees. In that they have so fa
9.
by web3isgoing 4y ago
Isn’t that the point? The protocols are built to resist changes by single entities and continue working as expected, handling user deposits non custodially, regardless of market activity. HN can declare a dozen crypto deaths with each new C
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by web3isgoing 4y ago
The irony of this post criticizing DeFi and blockchain in the wake of FTX is that those decentralized applications are working just fine in this downturn. Aave and Uniswap aren’t failing, they are thriving.
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by web3isgoing 4y ago
> So are blockchains. However, blockchains are much harder to secure, since they need to preserve the order of the ledger (for Bitcoin that's a total-order; there are some chains which only require partial-order). That forces all tr
12.
by web3isgoing 4y ago
If you look at crypto's daily price action, the majority of it is attributable to trading and speculation. I think this is pretty common knowledge. If you feel stocks and equities is gambling, then you might also feel that this sector
13.
by web3isgoing 4y ago
One failure of FTX and BlockFi is that users had no way to ensure that the centralized custodian was not running off with their on-chain deposits by directing them into unsound deposits. Vitalik is suggesting a cryptographic mechanism here
14.
by web3isgoing 4y ago
Partly UX, partly marketing, partly L1 fees and speed. Partly that a lot of people don’t know what Uniswap is. It gets a passing mention in the news if lucky, or more likely no mention, even though it’s the second largest crypto exchange on
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by web3isgoing 4y ago
Fiat assets was addressed in the post. Stablecoins can be used to avoid price volatility, and work within the framework Vitalik is suggesting.
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by web3isgoing 4y ago
This math is not for end users of an exchange, it’s for developers and researchers building new exchanges. The UX does not need to feel that different than any regular app.
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by web3isgoing 4y ago
A lot of people like trading, just look at Robinhood. It would be good if an app like Robinhood existed that ensured cryptographic guardrails to prevent the platform owners from lying about their solvency.
18.
by web3isgoing 4y ago
Verifiable computation. See Pinnochio and RISC Zero. https://eprint.iacr.org/2013/279.pdf https://www.risczero.com/
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by web3isgoing 4y ago
Vitalik isn’t running any DEXes, he is not in a position where he can steal or move user funds locked into a DeFi contract. He could suggest a change that might do something malicious at protocol level, but the rest of the developer communi
20.
by web3isgoing 4y ago
I can’t think of anything else that China is attempting to restrict that the rest of the developed world is open to. Edit: perhaps need a /s tag here.
21.
by web3isgoing 4y ago
Depends where you live. Most developed countries are moving away from cash. Some already have.
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by web3isgoing 4y ago
And how do you plan to host and distribute that? If not GitHub, maybe your own site, but neither is tamper proof or verifiably secure. In both cases the repo owner can delete commits and rewrite history, and viewers would not know. There ne
23.
by web3isgoing 4y ago
Succinctness means the proof size is smaller than the witness, and that it can be verified quickly. So your proof size and verification time can remain small even with large inputs. Succinctness and SNARK is the basis for practical verifiab
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by web3isgoing 4y ago
A document is not a ledger. The blockchain is the distribution mechanism.
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by web3isgoing 4y ago
The problem I outline is not about a physical to digital link. It is essentially about decentralization and using a tamper proof append-only log to store key events and signatures. Storing commits on GitHub is neither of those things; data
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by web3isgoing 4y ago
As I understand, DHT is vulnerable to sybil and eclipse attacks, and not really suited to the task of creating a tamper proof log. If the log and timestamping is not tamper proof, key rotations can be spoofed. Users in the network may need
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by web3isgoing 4y ago
I don't think redundancy is a clean solve. It might give more confidence to the message time stamp to see the same message replicated across 10 different websites, but this does not scale. Eventually if you do aim for a distributed dat
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by web3isgoing 4y ago
ZK is old tech but succinct, non-interactive and general purpose ZK is not. Look at SNARK and STARK, and every other research and advancement in the last 5 years. Funded by blockchain, developed for blockchain, with hash functions optimized
29.
by web3isgoing 4y ago
In this example it is key rotation, but you do not know when your key will expire, so you cannot put that in the message. Imagine you have a key, and later realize it may or may not be compromised, so you decide to rotate. You can be in the
30.
by web3isgoing 4y ago
Vitalik, or maybe a charitable non profit organization, signs two PDFs: one says "our new public key is X" and the other says "our new public key is Y." Both of these documents verify correctly, but how do you know which

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